BTC/USD Price Prediction β€” Has the Selling of 5,000 BTC Caused the Market Fall?

  • Denys Serhiichuk
    πŸ“ˆ Price Predictions

    πŸ”₯πŸ’£A return to $7,000 happened even faster than anticipated. Read our BTC forecast to remain calm and keep making profit


BTC/USD Price Prediction β€” Has the Selling of  5,000 BTC Caused the Market Fall?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Just a few hours ago, Bitcoin and the cryptocurrency market showed a significant pullback, because within 20 minutes the main cryptocurrency dropped sharply by almost 20% on the main exchanges, including Coinbase, Bitfinex, Gemini, and Bittrex.

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The most tragic situation was at Bitstamp when it reported a sudden collapse down to $6,200. The exchange has already started an investigation of the sale of 5,000 BTC at this price.

What is interesting, people have begun to search "Bitcoin" more on the Internet, according to Google Trends.
 

Bitcoin, blockchain and cryptocurrency popularity by Google Trends

One of the possible reasons for today’s dump was the massive liquidation of FOMO traders, tightly accumulated in long positions.
 

BTC/USD chart by tradingview

On the 30 minute chart, bulls are fighting for the psychological level at $7,000, which can be broken potentially. However, in terms of the technical indicators, RSI is almost in the oversold zone, and the rate is about to fix at the nearest resistance at $7,300. That is for the short-term scenario.

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BTC/USD chart by tradingview

On the daily time frame, the vital consolidation zone formed from September to November 2018 serves as an excellent resistance, meaning there is nothing to worry about in the global perspective. As the price keeps trading above that area, we are in the bullish cycle, which is also confirmed by the MACD indicator moving up.

In the long term, the market picture shows only bullish sentiments, taking into account its technical part and the mood of the crowd. It is likely that by the middle of June we will see 1 BTC at around $9,500.

The price of BTC is trading at $7,053 at the time of writing.

Cover image via www.123rf.com
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Bitcoin Price Is Flowing to $10K on Elliot Waves. Can the Boat Break over the Resistance Iceberg?


Bitcoin Price Is Flowing to $10K on Elliot Waves. Can the Boat Break over the Resistance Iceberg?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Breaking resistance again and again, Bitcoin continues making its way to the top and has recently spiked to $8,300 before retracement. The bull market seems to have ceased from now on, and traders guess how low BTC might go. Some are sure there’s still hope for Bitcoin to make  few leaps. Will it reach the previous $20,000 mark or at least crawl to $10K mark? Let’s check out Bitcoin price forecasts from tradingview users: they come up with different interesting scenarios.

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BTC aims for $10K on Elliot waves

BTC next target is $10,000

 

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Looking at the BTC price chart from Mikelikescrypto, we can see the frequency of Elliot waves pattern and Bitcoin’s recent performance. According to the trader, after the previous Elliot wave count, Bitcoin’s next possible target is $8,600, and then it would be possible to hit $10,000.

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Consolidation is coming?

Consolidation might be forming

My2Sats analyzed the previous resistance and support levels for BTC. Last time, we were searching for a higher low compared to $3,338 to then try and shift momentum and get a higher high above $4,188. Clearly, BTC did that and really anyone buying in on the weekly chart shift from its bearish lower highs and lower lows to the bullish pattern of higher lows and higher highs once we broke above $4,188 has been extremely happy.

It’s been almost a straight bull run since then. The weekly chart is pushing above some major MA's. RSI is overbought for the first time since the end of 2017! The past few weeks have been so bullish, we have not established much in terms of support on the way up. Some consolidation would be logical, a higher low and then moving up, but anyone who has been in this market knows the bulls can start running more parabolic if FOMO sets in.

 

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As for the trading strategy, we can just ride stop losses based on higher lows for these rather than trying to actively trade anything while gone. Hopefully, bulls will continue the momentum after the pause and keep things pushing upwards but on the technical side, we really could use some consolidation and forming some bases of support.

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Look at the crazy Bitcoin fractal

10K rally is more than possible for BTC

For botje11, the current BTC performance is reminiscent of a 10K rally that has already happened. Back then things went much faster than the past half year. But now when thinking about it again, this rally has been extremely fast, so in that sense, it's actually even good. The fractals on the BTC price charts are here to show how the market evolves.

Botje11 believes that if we stay below $7,900/$7,850, reaching $10K might still be real. If it breaks, let’s forget about it for some time. This is bouncing up quite strong now. Bears attempted to drop BTC, but the sell volume isn’t strong enough.

Time will show who has the power to short the market now. At the moment, selling volume is not enough. The fractal is not completely over yet, but becoming more likely to be a failure. $7,800 is the main support level, so we should see whether Bitcoin can keep it.

$8,250 is the next serious resistance

Watch if BTC reaches $8,250

Patient longs have been rewarded as Bitcoin has gone parabolic, in a rally of remarkable proportions, even for this cryptocurrency. BTC/USD has surged beyond resistance at ~$7,250, and gone on to break $8,000, touching a new yearly high of $8,169.

 

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Its surge has also boosted most of the major cryptocurrencies and added ~$30b to the overall cryptocurrency market capitalization. This has been a move supported by volume and the β€˜whales’ of the industry; tracking data showed the rally supported by trading from large Bitcoin holders, with the single biggest whale moving some 47,000 BTC into the market. Our next meaningful resistance is in the $8,250 region –if BTC gathers $1,000 in price again it would mean a new victory and a new bull wave.

Price charts are taken from TradingView

Cover image via 123rf.com
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